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Side-by-side financial comparison of PennyMac Mortgage Investment Trust (PMT) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
PennyMac Mortgage Investment Trust is the larger business by last-quarter revenue ($93.6M vs $73.5M, roughly 1.3× Target Hospitality Corp.). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs -20.3%, a 76.3% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -13.3%). Over the past eight quarters, PennyMac Mortgage Investment Trust's revenue compounded faster (12.3% CAGR vs 0.7%).
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
PMT vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.6M | $73.5M |
| Net Profit | $52.4M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 38.6% | -22.9% |
| Net Margin | 56.0% | -20.3% |
| Revenue YoY | -13.3% | 22.0% |
| Net Profit YoY | 12.5% | -219.1% |
| EPS (diluted) | $0.49 | $-0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $93.6M | $73.5M | ||
| Q3 25 | $99.2M | $91.6M | ||
| Q2 25 | $70.2M | $54.9M | ||
| Q1 25 | $44.5M | $54.9M | ||
| Q4 24 | $107.9M | $60.2M | ||
| Q3 24 | $80.9M | $65.8M | ||
| Q2 24 | $71.2M | $67.5M | ||
| Q1 24 | $74.2M | $72.4M |
| Q4 25 | $52.4M | $-14.9M | ||
| Q3 25 | $58.3M | $-795.0K | ||
| Q2 25 | $7.5M | $-14.9M | ||
| Q1 25 | $9.7M | $-6.5M | ||
| Q4 24 | $46.5M | $12.5M | ||
| Q3 24 | $41.4M | $20.0M | ||
| Q2 24 | $25.4M | $18.4M | ||
| Q1 24 | $47.6M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | 38.6% | -22.9% | ||
| Q3 25 | 47.4% | 0.1% | ||
| Q2 25 | 24.2% | -30.8% | ||
| Q1 25 | -14.2% | -2.0% | ||
| Q4 24 | 51.1% | 34.5% | ||
| Q3 24 | 32.8% | 42.5% | ||
| Q2 24 | 40.2% | 43.8% | ||
| Q1 24 | 43.6% | 42.0% |
| Q4 25 | 56.0% | -20.3% | ||
| Q3 25 | 58.7% | -0.9% | ||
| Q2 25 | 10.7% | -27.2% | ||
| Q1 25 | 21.8% | -11.8% | ||
| Q4 24 | 43.1% | 20.8% | ||
| Q3 24 | 51.2% | 30.4% | ||
| Q2 24 | 35.7% | 27.2% | ||
| Q1 24 | 64.2% | 28.2% |
| Q4 25 | $0.49 | $-0.14 | ||
| Q3 25 | $0.55 | $-0.01 | ||
| Q2 25 | $-0.04 | $-0.15 | ||
| Q1 25 | $-0.01 | $-0.07 | ||
| Q4 24 | $0.45 | $0.12 | ||
| Q3 24 | $0.36 | $0.20 | ||
| Q2 24 | $0.17 | $0.18 | ||
| Q1 24 | $0.39 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $190.5M | $8.3M |
| Total DebtLower is stronger | $1.1B | $1.7M |
| Stockholders' EquityBook value | $1.9B | $389.3M |
| Total Assets | $21.3B | $530.2M |
| Debt / EquityLower = less leverage | 0.58× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.5M | $8.3M | ||
| Q3 25 | $181.0M | $30.4M | ||
| Q2 25 | $108.6M | $19.2M | ||
| Q1 25 | $204.2M | $34.5M | ||
| Q4 24 | $103.2M | $190.7M | ||
| Q3 24 | $102.8M | $177.7M | ||
| Q2 24 | $336.3M | $154.3M | ||
| Q1 24 | $343.3M | $124.3M |
| Q4 25 | $1.1B | $1.7M | ||
| Q3 25 | $299.0M | $2.0M | ||
| Q2 25 | $1.2B | $26.3M | ||
| Q1 25 | $968.4M | $42.9M | ||
| Q4 24 | $1.0B | $1.5M | ||
| Q3 24 | $5.2B | $994.0K | ||
| Q2 24 | $5.4B | $1.1M | ||
| Q1 24 | $5.1B | $179.9M |
| Q4 25 | $1.9B | $389.3M | ||
| Q3 25 | $1.9B | $402.4M | ||
| Q2 25 | $1.9B | $401.3M | ||
| Q1 25 | $1.9B | $415.3M | ||
| Q4 24 | $1.9B | $421.1M | ||
| Q3 24 | $1.9B | $417.6M | ||
| Q2 24 | $1.9B | $397.2M | ||
| Q1 24 | $2.0B | $375.5M |
| Q4 25 | $21.3B | $530.2M | ||
| Q3 25 | $18.5B | $541.2M | ||
| Q2 25 | $16.8B | $533.7M | ||
| Q1 25 | $14.9B | $562.5M | ||
| Q4 24 | $14.4B | $725.8M | ||
| Q3 24 | $13.1B | $709.8M | ||
| Q2 24 | $12.1B | $697.0M | ||
| Q1 24 | $12.3B | $687.2M |
| Q4 25 | 0.58× | 0.00× | ||
| Q3 25 | 0.16× | 0.01× | ||
| Q2 25 | 0.65× | 0.07× | ||
| Q1 25 | 0.51× | 0.10× | ||
| Q4 24 | 0.52× | 0.00× | ||
| Q3 24 | 2.70× | 0.00× | ||
| Q2 24 | 2.76× | 0.00× | ||
| Q1 24 | 2.60× | 0.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-7.2B | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -137.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2B | $5.7M | ||
| Q3 25 | $-1.3B | $53.4M | ||
| Q2 25 | $-2.0B | $11.1M | ||
| Q1 25 | $-594.3M | $3.9M | ||
| Q4 24 | $-2.7B | $30.6M | ||
| Q3 24 | $-983.8M | $31.4M | ||
| Q2 24 | $243.8M | $39.1M | ||
| Q1 24 | $-342.4M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -137.76× | — | ||
| Q3 25 | -22.26× | — | ||
| Q2 25 | -267.53× | — | ||
| Q1 25 | -61.39× | — | ||
| Q4 24 | -58.08× | 2.44× | ||
| Q3 24 | -23.76× | 1.57× | ||
| Q2 24 | 9.59× | 2.13× | ||
| Q1 24 | -7.19× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
